Crypto firm in the UK, infamous for providing clients with misguided advice, shuts down

Authorities in the United Kingdom have taken action to close down a cryptocurrency academy after accusing its founder of using it to deceive people into participating in investment schemes that resulted in significant losses. The Insolvency Service, a government agency, stated that Amey Finance Academy provided guidance to individuals interested in investing in various cryptocurrency schemes. However, some customers lost all of their investments due to misleading promises made by the academy’s director and sole shareholder. Evidence from WhatsApp messages showed that the founder assured one customer that their investments were guaranteed and encouraged them to trust him. Another customer was told that their investment would not decrease by more than 90%, but they ultimately lost everything. The Insolvency Service has described the founder’s actions as a reckless attempt to persuade individuals to invest in cryptocurrency schemes and deceive them about the associated risks. The closure of the academy follows a recent winding-up order obtained by the Insolvency Service against Amey’s firm on April 30. One of the cryptocurrency schemes promoted by the academy, HyperFund (later known as HyperVerse), has been accused of operating as a Ponzi scheme. Although the academy’s lack of accounting records prevented the Insolvency Service from establishing a clear connection between Amey Finance Academy and HyperVerse, it was left with no choice but to seek a wind-up order due to the lack of transparency. Approximately £5 million ($6.3 million) passed through the academy’s bank account between October 2019 and March 2022, but the firm’s assets and liabilities could not be determined. Amey Finance Academy was launched in December 2018, presenting itself as a successful independent consultancy offering a wide range of financial services.